Morrisons posted "strong" third quarter results

Morrisons posted "strong" third quarter results

UK grocery retailer Morrisons today (4 November) revealed a "solid performace" for its third quarter, with its results driven up by food inflation.

"As anticipated at our interim results announcement in September, a continuing upturn in commodity prices has resulted in a slight increase in retail price inflation in the third quarter," the company said.

Total sales, excluding fuel, for the quarter ended 31 October were up 2.8%. Like-for-like sales rose 1.3%.

The company said that "in a continuing difficult environment for the consumer" its third-quarter performance was "in line with expectations".

Morrisons opened seven stores during the period and said it remains on track to add 400,000 square feet of new space during the year.

The company said it would update the market on its strategic developments at its preliminary announcement in March.

Shares in the company were down 2.41% to 283p a share at 10:49 GMT.